Did you know that some job hunting expenses are tax deductible? Remember, claiming all of the deductions for which you're eligible could very well reduce your tax bill. If you're someone who was job hunting last year then keep these points in mind when tackling your tax return.
- Your job search must be for a position in the same field as your current job.
- If you've taken a long break between walking out the door of your last job and embarking on a new job hunt, the IRS won't allow you to deduct any job hunting expenses.
- Recent graduates don't qualify for these types of deductions.
- If you've been contemplating starting your own business in the same field where you're currently working for someone else, your research costs could be deductible.